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Resource Wars: Russia Plans Oil, Gas Projects In Venezuela

Russia and Venezuela will deepen their energy cooperation, according to the chief executive of the Russian energy company Rosneft.

Igor Sechin said the company plans to invest about $10 billion in Venezuela in the coming years.

He was speaking on January 29 on a visit to Caracas.

In the Venezuelan capital, officials from both countries signed five documents laying out plans for offshore natural gas and oil projects, as well as the creation of a new joint company for the purchase of Russian-made oil drills.

Venezuelan Oil Minister Rafael Ramirez said that Russian and Venezuelan companies plan to invest nearly $47 billion in the next six years, while increasing production in oil projects involving Russian companies.